Here’s what the latest stats say about our market.
Summer is here, and with everything reopening, so many of us are vacationing and enjoying time with family and friends. Through all of this, one question I keep hearing is, “What’s the real estate market doing?”
Year to date (i.e., through the end of June), 711 properties have sold in our marketplace, which is a slight decrease from the 725 that were sold from January to June of last year. The monthly sales tallies are as follows:
- January: 100
- February: A little less than 100
- March: 137
- April: 122
- May: 111
- June: 142
"Prices skyrocketed last year and made a lot of people nervous about a possible market crash, but economists predict that interest rates will stay low for another two years."
As of the middle of July, we’d sold about 40 homes. As of the recording of this video, there are 141 properties on the market. A little over 200 properties are currently pending. We have about a month’s worth of inventory, which is a little less than what we had at this time last year. Prices skyrocketed last year and made a lot of people nervous about a possible market crash, but economists predict that interest rates will stay low for another two years. We may see a 0.25% or 0.5% increase during peak months, but no major changes are predicted.
I’m afraid that these prices are the new normal. I don’t see them dropping at all, although we’re not seeing a drastic escalation anymore. Homes under $300,000 are still getting multiple offers, and these offers are coming in over asking price and with waived appraisals. Above $500,000, though, buyers are doing their due diligence. They're still paying more than they used to pay, but things are more temperate than they were last year when people were buying just to buy because they were tired of being inside.
What does this mean if you’re a seller? It means your house will sell if you put it on the market, but you can’t attach an inflated price to it. If you’re a buyer, prices won’t go down anytime soon, so now is the best time to make your move. Rates are low, so you can get the most house for your money.
If you have questions about your specific market or there’s anything else I can help you with, don’t hesitate to reach out to me. I’m here to help you.